In a new video, Hoskinson said that the long-term goal is to help onboard five million people onto Lace, Cardano’s web3-enabled crypto wallet. He said that this would cover the entire K-12 population in Ethiopia and that it would be “very exciting” to get everyone who is 25 or younger in the country on board.

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Hoskinson explained that the Lace wallet would allow users to store their digital identities, academic records, and other important documents. He said that this would make it easier for people to access education, employment, and other opportunities.

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Hoskinson acknowledged that there are challenges to onboarding 5 million people to a crypto wallet. He said that the Ethiopian government is still working to get everything “all into one bucket,” and that this has caused some delays.

Cardano creator also noted that there are still capital controls in Ethiopia and that the central bank has yet to fully embrace crypto. This means that there are legal and ethical challenges to connecting these users to a digital wallet.

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Despite the challenges, Hoskinson remains optimistic about the project. He said that once the government bureaucracy is sorted out, IOG and the Ethiopian government will be able to start having “realistic conversations” about how to connect these users to a digital wallet.

Hoskinson also said that the Lace wallet could have a broader impact on Ethiopia. He said that it could “transform the lives of millions of people” in the country and that it could “set a precedent for other countries around the world.”

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According to Cardano creator during an interview on the Big Pey podcast, the new Lace wallet is made capable of bringing tons of new users to the smart contract platform.

Lace is a lightweight multi-chain crypto wallet built by IOG to be a single interface that connects everything in Web2 and Web3. The wallet is also designed to allow users to create a decentralized identity (DID).

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In the course of the interview, Hoskinson said as the wallet is made compatible with other crypto assets such as Bitcoin (BTC) and Ethereum (ETH), it also has a browser-based interface that will be made available on smartphones.

Narrating what brought about the new Lace wallet, Charles Hoskinson said:

“So about last year, we said, ‘Let’s start a research project to imagine what a portal and interface to all of the use cases would look like, to go above and beyond what a normal cryptocurrency wallet does,’ so we came up with an identity-first wallet with full-node security, but light enough to be on a phone. It was a very ambitious project…

“Now, Lace as a product is starting to come out into the market. It’s one of our first commercial B2C products, and so it’s not a reference client. It’s not like Daedalus, which is a neutral playground, but rather, this is IOG’s view of how crypto ought to be done, and our hope is that it’s going to kind of push along the standards for our entire ecosystem…

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“So I thought a lot about how we get Cardano to a billion users. How do we get the ecosystem to become the world’s financial operating system?

“And some of that is just good old fashioned hardcore protocol design where you do the science, you do the engineering, you build great protocols and get those protocols into the market. Another part of that is, ‘What is the consumer interface?

“What is the portal upon which a billion people will do stuff, whether they’re playing with NFTs, issuing assets, doing DeFi things, or playing video games?”

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